Recipe Preparation

Combine rum, vermouth, lemon juice, simple syrup, and bitters in a large pitcher. Add 2 cups ice and stir until ice has mostly melted and punch is very cold. Stir in apple slices and orange zest; gently stir in cider.

Divide punch among ice-filled old-fashioned glasses and garnish with more apple slices and orange zest.

Do Ahead: Punch (without apple, orange zest, and cider) can be made 1 day ahead. Chill.